Prepare entries to record the following selected transactions completed during the current fiscal year:

Jan. 1

The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.

10

Purchased 25,000 shares of own stock at $44, recording the treasury stock at cost.

March 1

Declared a dividend of $2 per share on the outstanding shares of common stock.

15

Paid the dividend declared on March 1

July 1

Declared a 1% stock dividend on common stock outstanding (the fair market value of the stock to be issued is $50).

July 15

Issued the certificates for the common stock dividend declared.

	Description	Debit	Credit
1/1
1/10